GNIDA conducts meeting with the developers & proclaims to pay dues soon

The Greater Noida Industrial Development Authority (GNIDA) has conducted a meeting with real estate developers from industry body CREDAI, and ordered them to pay their dues soon and ensure registry of flats in scores of projects in the area.

In the Area surrounds Greater Noida faces crucial issues such as Pending registries and delayed possession of flats for a longer period of time. The UP Govt. is also seeking to put resolutions to redress the difficulties of the residents. 

Union Government with a panel headed by Amitabh Kant has made recommendations to end the distress involving homebuyers, builders and the local authorities.

The official statement of the government mentioned, "On Wednesday, GNIDA CEO N G Ravi Kumar instructed the builders to get the registration done in the names of the flat buyers immediately. He asked the builders who have not deposited 25 per cent of the total outstanding amount on their projects to make the payment within a week and start the registration of the flats in the names of the buyers, failing which action would be initiated against them."

Many delegates from the Confederation of Real Estate Developers' Associations of India (CREDAI) such as  Manoj Gaur, Geetamber Anand, Dinesh Gupta were present in the meeting. The GNIDA  declared that the committee led by Amitabh Kant which was formed with the aim of providing houses to flat buyers. In total, there are 96 such projects in Greater Noida in which registries are to be done. Within this 15 projects has already cleared their dues. Till date, 2,322 flats have been registered in these 15 projects. Apart from this, there are 40 such projects whose builders have deposited 25% of the total outstanding amount of about Rs.276 crore to the authority.

Ravi Kumar also added that, those who deposited 25% of the amount needs to complete the registration process quickly and the 41 builders associated with the projects who have not yet deposited 25% of the amount should complete the payment within a week. If they don’t abide by these rules, authority will take strict action against these builders. The authority might cancel their sublease and the property would also be attached.